Conveyancing or mortgage application first?

[meadowquark]

I would like an advice. I am selling my house and buying another one. I put an offer about 1.5 weeks ago (which has been accepted) but I am seeing my mortgage advisor for mortgage application in 2 weeks time only (the first available appointment).

My solicitor charges some money in advance; I don't mind as he is very good but I already lost money to him last year through a failed sale/purchase. He said perhaps it is best to wait until I go through with the mortgage app, and instruct him afterwards (i.e. pay the fees). I really want to get on and I am afraid that if I do nothing in the next 2 weeks, my buyer and vendor would think I am delaying the process for no reason and that I am not serious. I don't want to lose either through my non-action. I also would love to move before Christmas. Should I just suck the risk and instruct the solicitor so he can get started anyway?

I got the mortgage approved last year and much larger approval in principal this year, so do not anticipate any issues, but you don't know really until you are there.

You definitely need to get you mortgage application approved first (and really should have done this before putting in the offer). I am very surprised you can't get an appointment for two weeks. Can't you see another broker or deal directly with a bank?

Dont instruct your solicitor until you have your mortgage offer. You will incur fees and costs unnecessarily. What if your application isn't approved? (I'm a solicitor btw)

Get the mortgage in motion first.

I'd look for another mortgage advisor ASAP rather than wait two weeks.

I saw a my current lender before I found the house, he said tentatively OK but didn't run my credit score. Then I saw a mortgage broker as an estate agency convinced, me, again got mortgage in principal but I don't want to change my lender as my current account is with them (Barclays/Woolwich) and I found the application process super easy last year. While the mortgage broker was being difficult. He said if my husband is not on the mortgage then I will only have few lenders willing to lend (my husband was never on the mortgage and Woolwich has never had a problem with that).

atticuslaw I don't understand. I cannot make mortgage application if I have no property to buy, can I?

atticus I am dealing directly with my lender. The mortgage advisor is away until next week.

interested in how you get a mortgage sorted before putting in an offer
dont they have to value it?
surely noone does that?

Sorry what I meant was that you would generally have an approved application in principle. You would then liaise with the mortgage company to have the application finalised once you knew exactly what you need to borrow. If it is less than the amount agreed in principle this will generally be a fairly quick process. Your OP however read as though you were seeing your broker in 2 weeks' time which indicated you didn't have an agreement in principle with any lender.

If your husband is an owner of the property then the vast majority of banks will want him on the mortgage otherwise they can have issues repossessing the house. If Woolwich don't then that's good for you.

My husband is not on the deeds and not on the mortgage (and we are either going for postnup or separation, that's another thing).
Oh, I see atticus I have a mortgage in principal I just need to make the actual application now. So thought perhaps I could risk and start things with the solicitor while waiting. Is it only my money that I am risking?

Well yes, its only money you're risking. The other side can't force you to complete if you don't get your mortgage.

I'd still be inclined to push the issue with the bank and tell them you need an appointment sooner than 2 weeks' time. Can't you see an adviser in a different branch?

I wondered if the OP was after an evening or weekend appointment which are likely to be the most popular. If you are serious and want to move things along, I'd take an afternoon off work and do it sooner - it can take hours since the rules changed.

OP bear in mind that the survey on the house you want to buy likely won't be instructed until a week after you have got your application in and it will be the week after that when it is carried out. If you want to complete by Christmas it'll be down to wire and stressful unless the survey is carried out sooner. Without the survey the searches won't be instructed, etc.

I booked a regular first available appointment on a weekday morning, 10th of November - the voicemail service said that my lovely mortgage advisor is away until 4th of November.

I am so reluctant to go with another advisor, partly because I had issues last year - I did not want to take time off work and so made a mortgage application over the phone with current lender and got approved ridiculously small amount (x 2.2 times my income) which was not sufficient. Ran to the bank afterwards and had no issues at all. I thought that over the phone they miscalculated something. Don't want to be in that situation again with another advisor, be it over the phone or live.

I thought if I start conveniencing perhaps I can get everything ready quickly and then only the mortgage approval awaits... I am 99% the mortgage will be approved. So tempted to start conveyancing, instead of changing the mortgage advisor.

Just called and checked neighbouring branches for sooner appointment and they said nothing available until 13 Nov! Must stick to the booked one then and drop my idea of moving before Christmas.

If the mortgage advisor is a mortgage advisor for the woolwich then having a different advisor will make no difference at all to your application btw. it isn't her decision. She just makes sure all the documentation is in order and it then gets sent off.

I agree you are unlikely to be in by Christmas at this rate. Are the others in the chain aware that you don't have a mortgage approved yet? It's generally a question the estate agent will ask when you put in your offer.

atticus again I don't understand, I could not get the mortgage approved until I found the property, isn't it? I only have approval in principle. A mortgage certificate to prove it.

If you want to show progress you could instruct the solicitor to do minimal work - e.g. send the sellers property enquiries form, but not yet submit the searches (this is the expensive bit). That way, the sellers' solicitor will receive something from you, they will know you are incurring costs and so are serious about the purchase but you will not rack up the full legal fees until the mortgage offer has been made.

PS if you already have a mortgage in principle then surely you can just call the lender and say you want to proceed? They will send or email you the forms to complete but you shouldn't have to wait for an appointment. Call them and ask them what they need to have from you before they will book the mortgage valuation survey (and structural survey if you are going to have this done by them at the same time) - this is the bit that will take the time - and then ask them what the quickest way is of getting the required info/docs to them. I'd be very surprised if you have to wait two weeks before you can even start the process.

TakesTwoToTango thanks I just enquired my solicitor about conveyancing without searches initially.

Great. Don't forget to check with them how much what they are going to do will cost you (in case the purchase falls through later) and make sure you give them clear instructions not to incur any other costs without asking you first. Good luck!

If you don't instruct a conveyancer, the EA can't send the Memorandum of Sales which details seller/buyer and both sets of conveyancers. This means the conveyancer can't make contact with the other solicitor and request initial draft paperwork. Since it takes some time for the paperwork to be available it is probably worth setting the ball in motion as soon as possible otherwise the seller and EA may start to hassle you for appearing to not be doing much to progress the transaction. The transaction as far as solicitors are concerned doesn't start until contact is made between the two solicitors involved. You can hold back on the searches until you get your mortgage offer and conveyancer's often work on a no sale no fee basis so shouldn't cost you anything if your mortgage is not approved.

I don't think it is unusual to wait two weeks to see an advisor.

You won't be able to exchange contracts until the money is on the table anyway. We recently applied for a mortgage (Santander) and the process was lengthy. The affordability checks were extensive. Whole process took 12 weeks ( despite being approved in principal a month earlier)

Surely you need a solicitor before you get your mortgage offer? I'm in the (slow) process of buying a house, I had a mortgage in principle, and only once the survey and valuation was done did I get my mortgage offer. To get this done I needed a solicitor - as pp said I needed one in order to get the memorandum of sale.

You don't need to pay for searches etc to instruct, in fact I didn't pay anything to the solicitor for a few weeks...